25 May 2016 – final results

In the year to 31 December 2015 sales increased 36% from £9.0m to £12.2m although this is inclusive of 8 months trading from RSL.  Underlying profit before tax was £52k (2014: underlying loss £129k), translating into an underlying profit per share of 0.06p (2014: loss per share 0.14p).  Cash at the year end was £1.0m (2014: £2.7m) following £1.1m acquisition costs of RSL Group and increased working capital requirements also had an impact.  On balance we continue to rate the shares as a HOLD for now but the tiny market capitalisation leaves scope for the valuation to move sharply higher on any positive news.